BNB Drops 0.25% Amid Market Tensions, Eyes $700 Breakout

BNB's latest price was $654.79, down 0.251% in the last 24 hours. BinanceCoin (BNB) has been displaying immense strength regardless of the market conditions that helped the token to remain within the top 5 crypto ranks. The recent price action shows consolidation just below a confluence of resistance lines, signaling tension ahead of a potential breakout. A sustained move above this compression may unlock the $700-$720 area.

As seen in the above chart, the BNB price is trading within a decisive symmetrical triangle, and the recent bounce from the support validates the formation. Moreover, the 50/200 day MA is heading for a bullish crossover or the ‘Golden Cross.’ On the other hand, the CMF which has remained stuck above the average range since March, has triggered a bullish divergence. Hence, the BinanceCoin price is primed to rise and reach the resistance above $680 but the consolidation may prevail until the levels reach the edge of the pattern, followed by a breakout.

As the tensions between Israel and Iran escalate, the traditional finance markets and crypto markets have taken a larger hit. Although the token is working to mark a recovery, the technicals and the market conditions suggest a deeper correction could be possible if the token fails to defend the local support. While the other altcoins are closely following the star token, BinanceCoin gathers some strength and is preparing for a strong upswing.